MILLENNIUM INVESTOR PRESENTATION FY16 Half Year Results Investor Presentation Mark Baldwin CEO Richard Forster CFO 26 February 2016
AGENDA 1. Millennium Today 2. Highlights 3. Balance Sheet 4. Outlook 5. Disclaimer 6. Contact Details
1. MILLENNIUM TODAY Millennium is a cleaning, security and integrated services specialist operating in Australia and NZ. Millennium provides its services to the retail shopping centre and commercial property sectors including Commonwealth and State Governments.
2. HIGHLIGHTS 1H16 Results Summary • Normalised operating revenue of $76.3m (Actual $24.6m). • Normalised EBITDA of $5.2m (Actual $1.6m). • Operating cash in line with expectations. • Business is trading well. • We expect full year prospectus EBITDA forecast to be achieved. • Successful integration of ACS business post-IPO. • Acquisition of National Cleaning Services Australia as at 1 February 2016 increasing share of Commonwealth Government contracts. • Expansion in NZ progressing. • Finalisation of debt facility of $26.6m securing capacity for growth. *Actual 2 months November 15 – December 15
3. BALANCE SHEET • Initial purchase consideration for the Dec 15 acquisition of the ACS business paid in cash Consolidated Balance Sheet A$'000 ($7m). Cash 2,773 Receivables 8,466 • Investment made in ACS working capital. Other 1,255 Total current assets 12,494 • Intangibles are primarily goodwill and Property, plant and equipment 6,160 intangible assets acquired on the purchase Intangibles 10,689 Other 615 of the ACS business. Deferred tax 3,678 Total assets 33,636 • Deferred consideration on the purchase of Trade and other payables 6,815 the ACS business based on forecast EBITDA Borrowings 1,047 achievement to November 2016 to be Income tax 851 Employee benefits 5,649 funded from operating cash, debt or scrip at Deferred consideration 4,725 the company’s discretion. Other 2,464 Total current liabilities 21,551 • Loan facility of $26.6m, $25.9 undrawn as at Borrowings 1,740 31 December. Employee benefits 1,100 Deferred tax 2 Total liabilities 24,393 • Other borrowings are hire purchase Equity 9,243 agreements for operational assets.
4. OUTLOOK • We expect strong EBITDA performance in the second half. • New long term contract wins improving EBITDA in 2H16 and beyond. • Delayed start of some forecast contract wins will impact FY16 revenue - offset by lower than forecast costs, due to the rationalisation from national buying power. No impact on normalised EBITDA. • Benefit from NCSA acquisition adding to earnings outlook. • The company is in the process of determining the value of customer contracts acquired which will then be amortised. This is a non-cash expense. • Current tender pipeline submitted of approximately $40 million per annum. • We are pursuing a number of acquisition opportunities in line with our growth strategy, to expand our sector and geographic footprint.
5. DISCLAIMER • The material in this presentation is a summary of the results of Millennium Services Group Limited (Millennium) for half year ended 31 December 2015 together with an update on Millennium ’s activities and is current at the date of preparation. Further details are provided in the Company’s half year results announcement released on 25 of February 2016. • This presentation includes forward looking statements, opinions and estimates that are based on information, assumptions and contingencies which by their nature are subject to change, as are statements about market and industry trends, which are based on interpretations of current market conditions. Actual results, performance or achievements could be significantly different from those expressed in, or implied by, their forward looking statements. Such forward looking statements, opinions and estimates are not guarantees of future performance. They involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Millennium, and which may cause actual results to differ materially from those expressed or implied in this presentation. • The information contained in this presentation is given in good faith and has been prepared from information believed to be accurate and reliable. The information presented is in summary only and is not intended to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial circumstances or needs of any particular investor. To the maximum extent permitted by law, neither Millennium nor it’s related corporations, directors, employees or agents, nor any other person, accepts any liability, for any loss or damag e with a direct, indirect or consequential, arising from the use of the presentation, it’s contents or otherwise arising in connection with it. • This presentation should be read in conjunction with other publically available material. Further information including historical results and a description of the activities of Millennium is available on our website, www.millenniumsg.com
6. CONTACT DETAILS Millennium Services Group Level 1, TOK H Corporate Centre 459 Toorak Road Toorak VIC 3142 (03) 9296 2095 www.millenniumsg.com Mark Baldwin Chief Executive Officer Richard Forster Chief Financial Officer
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